Stocks plunged this morning and were dragged down by the crisis in the financial sector after Credit Suisse shares slid more than 25%, shifting focus from regional to big banks. Pressure on financial stocks will likely persist after recent bank failures have changed the industry’s mindset.
Meanwhile, Gold prices were on the rise as investors spooked by the collapse of SVB bank flooded into safe havens. “As long as the contagion risks stemming from the ongoing SVB saga remain, potentially ramping up recession risks along the way, safe-haven assets are set to remain well bid in the interim,” said Han Tan, chief marketing analyst at Exinity.
Our recommendation for today is a low-priced gold stocks that seem well positioned for the next leg up.
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B2Gold Corp. (BTG) operates as a gold producer with three operating mines in Mali, the Philippines, and Namibia. B2Gold Corp. declared a fourth-quarter cash dividend of $0.04 per share (or an expected $0.16 per share annually) as part of the long-term strategy to maximize shareholder value. B2Gold expects to declare future quarterly dividends at the same level or higher.